Transparency is much more than a buzzword. The topic of transparency carries significant weight in today’s competitive business environment because everyone from executives to employees, to customers, is talking about transparency.
The topic of transparency has been a running theme in the marketing world for years now, but now new reports emphasize how many marketers are still coming up short in terms of how they present honestly in their businesses and brands to consumers online. But why? Simply put, transparency builds trust and it is becoming more important than ever.
Where It All Begins
Transparency is a key factor to the success of a company, and it begins in the workplace. Employees want to work for a business where information like company goals, business trajectory, product roadmaps and more, is proactively shared. This not only enables employees to improve performance and productivity but also establishes a culture of trust and accountability throughout the organization. When trust is established in an organization, it is easier for an organization to be clearer with not only themselves but to their customers.
“A certain level of transparency created through communities leads to a more customer-centric atmosphere; the more transparent the company, the deeper the customer relationship. The combination of transparency and trust humanizes brands and makes customers feel like they have a personal connection with your company.” Social Media Today reports.
More than half of costumers said they would be more likely to consider brands that are transparent on social media for their next purchase, while a lack of transparency might lead to customers purchasing from a competitor. However, people tend to give brands another chance when they do not deliver the first time around, demonstrating the importance of being honest and open with a customer to rebuild their trust.
Your Brand Is Worth It, So Prove It!
It goes without being said, you picture your brand leaps ahead of your competitors and as a game-changer in your space. So, if your brand is worth it, go prove it! Usually this attitude begins with establishing a customer fan-base. With an overall satisfaction rating in social media falling in 2018 due to privacy concerns and negative content, marketers wanting to win over Gen-Z and similar, digital- and mobile-first demographics like millennials might think about taking a people-based approach to their social strategies.
This is where transparency steps in. Transparency provides a powerful insight into customer satisfaction: Once mutual trust is established, customers will be more open to providing feedback. By encouraging them to post frequently in your online community and to share their experiences with fellow customers, it will make your brand more credible, approachable, and valuable. Since transparency is a critical component to customer success, creating a feeling of an open community will benefit your brand in the long run.
ABOUT CMO DAY WEST COAST
Marketing has never been more complicated. Staying ahead of the latest trends and technology is a constant challenge for CMOs.
Increasingly, CMOs are seeking opportunities to gather together to debate the latest marketing trends. By working with our Members and Advisory Board, we are launching a series of 1-day events in major cities across the United States. We understand that for C-Level executives time is precious, so we are bringing the best content and solution providers to you.
That’s why earlier this year we launched our 1-day event series in New York. Now we’re taking these events to the West Coast with Transformational CMO presents CMO Day San Francisco.
Spaces are reserved for the best in the business. Apply to attend here!
Looking for more information? Download our exclusive event brochure here.
ABOUT TRANSFORMATIONAL CMO
This October, the 8th Transformational CMO Assembly in Denver is a unique event that challenges our attendees to learn how to anticipate what’s next for the highly complex marketing environment that has emerged throughout the year through a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions with our industry experts and advisory board over the course of 2 days.
Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >